Investment property loans in Indiana
Finance an Indiana rental by using the property’s income — not your tax returns, W-2s, pay stubs or personal debt-to-income.
Built for investors in one of the Midwest’s most reliable cash-flow markets, with property taxes that stay predictable.
At Andes Mortgage, we service the state of Indiana with DSCR loans for purchase, refinancing and DSCR HELOCs and HELOANs for equity access without affecting a current mortgage. Everything about what we offer in this page.
- Business-purpose lending only
- Investor loans in ~46 states
- NMLS #2187991
Financing for Indiana real estate investors
Whether you’re an out-of-state investor buying cash-flowing Indianapolis rentals, a local investor running a BRRRR strategy, or scaling a portfolio in Fort Wayne and Evansville — these are business-purpose loans for non-owner-occupied property, underwritten on the deal, not your paystubs.
Business-purpose products we originate in Indiana
Every program below is business-purpose financing for non-owner-occupied property and we run these for single-family, condos and townhomes and multi-family up to 8 units.
Follow your situation into the details — terms, down payment, and the documents each one needs. For anything DSCR-specific in Indiana, start with the dedicated Indiana DSCR page.
Finance an Indiana rental on the property’s income — no tax returns, no personal DTI. Our highest-demand investor program.
Pull equity out of your Indiana rental property you already — qualified on the property, not your paystubs.
A true first or second lien line of credit for equity access in your Indiana rentals. Great option if you don’t want to affect the terms of your current mortgage — qualify on the portfolio’s cash flow.
Buying or refinancing an Indiana property for Airbnb or STR? Finance it on short-term rental income, with STR-specific terms.
Purchase your Indiana investment property under the name of your LLC and keep the property held the way your investing entity is structured.
Run an Indiana property’s numbers — estimate the DSCR and the loan it supports before you make an offer.
Our national DSCR loan page covers the full program in depth. Andes does not offer owner-occupied or consumer mortgages in Indiana.
Indiana investment-property market at a glance
Indiana remains one of the most affordable entry points in the country for rental investors.
The statewide median listing price sits around $299,000 — a fraction of what the same cash flow costs on either coast, and low enough that a single-family rental can still be acquired with a five-figure down payment. That affordability is the whole reason out-of-state and BRRRR investors keep targeting the state.
Prices step down as you move away from Indianapolis: the metro anchors the top of the range, while Fort Wayne, Evansville, and South Bend typically trade below the state median, which is where the strongest rent-to-price ratios live. The trend has been steady rather than speculative — Indiana didn’t run up the way Sun Belt markets did, so you’re buying into appreciation that’s gradual and rent that’s grown consistently, not a market priced for perfection.
And because the property-tax cap holds the tax line to 2% of assessed value on a rental, a rising assessment can’t quietly erode the ratio the way it can in states without a cap.
The figures below are Realtor.com listing data and update automatically each month.
Indiana housing market
Realtor.com listing data · as of September 2026
Figures are Realtor.com listing data (what sellers are asking) — not sale prices. Source: Realtor.com via FRED (Federal Reserve Bank of St. Louis). Updates monthly.
Metro figures are Realtor.com median listing prices (not sale prices), published via FRED.
What Indiana rents are doing
Indiana is one of the most dependable cash-flow markets in the country — and one of the few where the property-tax math actually works in an investor’s favor.
The four metros investors ask about most each play a different role: Indianapolis is the anchor — the state’s largest, most liquid rental market and a national cash-flow destination bought heavily by institutional investors, which is both a validation of the thesis and the competition you’ll face for the best inventory.
Next, Fort Wayne and Evansville are the classic lower-basis, higher-yield plays, where entry prices sit well below the state median and deals routinely clear a 1.0+ DSCR on rent alone.
South Bend rounds it out with steady Notre Dame–driven demand and prices sit below the state’s median price.
Across all of them, Indiana’s constitutional property-tax cap — 2% of assessed value on residential rentals — puts a hard ceiling on the tax line, so the DSCR you calculated today isn’t blown up by a reassessment after you close.
We explain more about the effects of taxes on our state page. See the full breakdown on our Indiana DSCR page →
The statewide figure below is ZORI’s rental data and updates automatically each month.
Indiana rental market · single-family
Data through Aug 2026
| Metro | Typical asking rent | YoY change | Data through |
|---|---|---|---|
| Indianapolis | $1,923 | +4.0% | Aug 2026 |
| Fort Wayne | $1,606 | +3.1% | Aug 2026 |
| South Bend | $1,431 | +5.5% | Aug 2026 |
| Evansville | $1,215 | +3.9% | Aug 2026 |
Data through Aug 2026 · updated monthly · source: Zillow (ZORI)
Financing Built Around the Deal — Not Just the Borrower
Our business-purpose loans are built for investors.
We understand that your financial situation may be complex. Our clients range from those who are starting with one rental home to those running large portfolios in multiple states.
The goals of our investor clients can change – some deals are about cash flow while others are about pulling equity out to deploy in other projects or buying in an LLC. Or financing a short-term rental, while finding a structure that still works when the numbers are tight.
At Andes Mortgage, we help Indiana real estate investors look at the property, the strategy, and the financing together.
Instead of trying to force every deal into one loan program, we compare the available business-purpose options and help you understand which structure makes the most sense for what you’re trying to accomplish.
Have a deal scenario in Indiana that you'd like to run by us?
Answer a few quick questions about the property and what you’re trying to do. We’ll help point you toward the business-purpose financing options that may fit.
- Business-purpose lending in Indiana
Andes Mortgage originates business-purpose investment property loans in Indiana, including DSCR and other financing for non-owner-occupied rental properties. We do not offer owner-occupied or consumer-purpose mortgages in Indiana. This is not a commitment to lend. Terms subject to change. NMLS #2187991.
Indiana investor loan questions
Can I finance an investment property in Indiana through Andes?
Yes. Andes originates business-purpose investment property loans on non-owner-occupied Indiana real estate.
Our offerings including DSCR loans for purchase, refinancing, cash-out refinances, investor HELOCs and HELOANs, and short-term rental financing.
These loans qualify on the property’s rental income, so there are no tax returns and no personal debt-to-income calculation.
Does Andes offer owner-occupied or consumer mortgages in Indiana?
No. In Indiana, Andes offers business-purpose investment loans only — financing for rental and other non-owner-occupied property. We do not originate owner-occupied, primary-residence, or other consumer-purpose mortgages in Indiana.
What is a business-purpose (investor) loan?
A business-purpose loan finances property held to generate income or profit — a rental, a BRRRR project, a short-term rental — rather than a home you live in. Because the loan is underwritten on the property’s cash flow and business use, it follows different rules than a consumer mortgage, and the property is typically non-owner-occupied.
Which Indiana markets are best for rental investing?
Indianapolis for depth and liquidity, Fort Wayne and Evansville for higher yields, while South Bend and West LaFayette for college-town demand.
Can I buy an Indiana rental property through an LLC?
Absolutely. You can title your property to an LLC using our DSCR loans in Indiana. For more information on having a business own the property, visit our DSCR LLC page.
Finance your next Indiana rental
Answer a few quick questions and we’ll point you to the business-purpose program that fits your deal and what you’d need to qualify — no credit pull, no obligation.
Andes Mortgage LLC · NMLS #2187991 · Equal Housing Lender. In Indiana, Andes originates business-purpose investment property loans only (non-owner-occupied), and does not offer owner-occupied or consumer-purpose mortgages. Market figures are Realtor.com listing data (not sale prices), published via FRED (Federal Reserve Bank of St. Louis) and updated monthly. This page is informational and is not a commitment to lend; program terms and eligibility vary by lender and are subject to change.